## Current Trends in Economics: Theory and ApplicationsAhmet Alkan, Charalambos D. Aliprantis, Nicholas C. Yannelis In 1990, the Society for the Advancement of Economic Theory (SAET) was founded with the main purpose to advance our knowledge in theoretical economics and to facilitate communication among researchers in economics, mathematics, game theory and any other field which is po tentially useful to economic theory. To achieve these goals, SAET sponsors the research journal Economic Theory published by Springer-Verlag and holds international conferences every other year. The first two conferences SAET took place in the island of Cephalonia, Greece, in the summers of of 1993 and 1995. In the summer of 1997, the conference was held in Antalya, Turkey. The twenty-nine papers in this volume are mostly by participants in the Antalya meeting of SAET and form a broad sample of the 150 papers pre sented there. Topics covered include cooperative and noncooperative games, social choice and welfare, bargaining, matchings, auctions, mechanism de sign, general equilibrium, general equilibrium with finance, industrial or ganization, macroeconomics, and experimental economics. We have chosen to present the papers according to the alphabetical order of first author names instead of grouping them by topic or theme. We have appended a complete listing of the sessions in the conference together with a list of program committee members and of sponsors at the end of the volume. |

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### Contents

theory and an application | 1 |

Degree of manipulability of social choice procedures | 13 |

On the properties of stable manytomany matchings under responsive preferences | 29 |

Cost uncertainty taxation and irreversible investment | 41 |

theory and evidence | 73 |

Does money matter? A deterministic model with cashinadvance constraints in factor markets | 107 |

restricting competition in auctions by excluding the consumers | 119 |

Acyclicity of fuzzy preferences | 133 |

A characterization of the equal income market equilibrium choice correspondence based on average envy freeness | 265 |

theory and applications for Germany | 271 |

Incentives and risk sharing in a stock market equilibrium | 293 |

Mergers and acquisitions bargaining and synergy traps | 325 |

Protectionism versus nonprotectionism under cost uncertainty in Cournot and Stackelberg markets | 347 |

symmetries | 367 |

Bargaining in a changing environment | 389 |

An extension of the nonatomic assignment model | 405 |

On the connection between correlated equilibria and sunspot equilibria | 141 |

Ex post individually rational trading mechanisms | 157 |

issues cores and equilibria | 177 |

Valuation equilibrium revisited | 201 |

The equaldistance rule in allocation problems with singlepeaked preferences | 215 |

The existence of the satisfactory point | 225 |

Optimal entry and the marginal contribution of a player | 233 |

On an Edgeworth characterization of rational expectations equilibria in atomless asset market economies | 255 |

Testing decision rules for multiattribute decision making | 413 |

Collusion and distribution of profits under differential information | 455 |

Predicting proposal configurations in cooperative games and exchange economies | 475 |

International financial equilibrium with risk sharing and private information | 491 |

Remark on extended price equilibria | 519 |

Program of the III International Conference of the Society for the Advancement of Economic Theory | 533 |

### Common terms and phrases

agents aggregate allocation Approval Voting asset assume assumption auction autarky bargaining Bilkent University coalition Cointegrating commodity compact competitive conglomerate consider constraint consumer consumption consumption set core correlated correlated equilibrium cost Cournot defined Definition denote distribution domestic firm dominated alternatives Economic Theory economy effect efficient entrepreneur envy-freeness equal equation existence feasible finite given household structure implies incentive compatible increasing independent firms individually rational investment Journal of Economic Lemma M&As marginal market portfolio matrix maximization mechanism Nash equilibrium optimal option output parameter Pareto Pareto optimal payoff players preferences private information problem production profits Proof Proposition pseudo-supermodular rational expectations risk aversion risk sharing satisfies Section seller Shapley value social choice solution stable matching strategic subset sunspot sunspot equilibrium supermodularity supremum symmetry Table Theorem tion trade uncertainty University utility function valuation equilibrium variables vector welfare zero